NGC in Sourcing Journal: Preparing for Global Crisis With a Digital Supply ChainMarch 13, 2020
The novel coronavirus, COVID-19, has shocked the global economy, and supply chains have been bearing the brunt of it. Supply chain executives across the globe have placed COVID-19 as their No. 1 concern and for good reason. As Mark Burstein, president at NGC, stated in his recent Sourcing Journal article, “Forget the retail apocalypse and the Great Recession; this is the biggest crisis the fashion industry has faced in the past 20 years.”
The Long-Lasting Fallout of the Coronavirus
According to Forbes, “Even if the world turns the corner on containing the virus in the next week or two, economic effects will roll through most of retail.” The National Retail Federation has been “in frequent conversation with its members on supply chain disruptions,” evaluating “the impact on the workforce in China and the cascading effects on logistics and transportation in the supply networks.” The virus could disappear tomorrow, but the impacts on the supply chain are here to stay.
How the Digital Supply Chain Can Mitigate the Damage
Digital supply chains have been a focal point in the fashion industry for several years, but now, “it’s red-hot,” said Burstein in the Sourcing Journal article. “A digital supply chain brings together all the systems, applications, processes and information in the supply chain, uniting all stakeholders on a single digital platform—which makes it an essential platform for managing a supply chain crisis such as coronavirus,” he added.
Burstein listed a few specific ways in which a digital supply chain can help, such as: supply chain visibility and transparency, global collaboration, raw materials management, vendor management and sourcing, as well as omnichannel inventory visibility and fulfillment. Burstein continued by saying that, “fashion retailers with these systems in place are positioned to weather the storm of the coronavirus, and other retailers can start preparing now for future supply chain disruptions.”
Implementing Your Own Digital Supply Chain With NGC's Help
NGC’s Andromeda Cloud Platform® helps retailers prepare for crises situations by implementing these critical components. “The only certainty of a global crisis such as the coronavirus is that it will happen again, in ways that companies don’t expect,” said Burstein. “With a digital supply chain platform, retailers can be prepared.”
Learn more about how Andromeda can help you prepare and create an efficient supply chain by requesting a demo.